Financial movers and shakers gathered in France on Saturday urged a clear and timely political response to lift the uncertainty caused by Britain's shock vote to leave the European Union.
A raft of top business leaders and intellectuals have gathered in the southern French city of Aix-en-Provence for a three-day meeting to discuss how to react to the fallout from last week's "Brexit" vote.
Participants swiftly agreed on at least one thing -- nobody is quite sure what is going to happen next, the underlying source of their worries.
Britain has not yet begun the process of disengaging itself from the European Union, with arguments raging after the country was split 52 percent to 48 percent in the referendum.
Renault-Nissan automaker giant head Carlos Ghosn said the loss of Britain in itself from the EU bloc was not so much the problem as that the uncertainties such a move would provoke.
"Worried? Yes," said Ghosn. "Not because of Brexit but worried by the uncertainty that has engendered."
For Ghosn, "companies, good or bad, are capable of adapting to everything. all kinds of situations."
But with Britain's new status regarding the European Union not clear he said firms would have to live with uncertainty. "We are going to navigate as we go along," said Ghosn, not least regarding the post-Brexit future of Nissan's factory employing 8,000 in the north east of England.
- 'Could cause damage' -
Oil giant Total's CEO Patrick Pouyanne said for his part that Brexit would "not have a direct impact" as likely sterling weakness could bring down production costs for the group's North Sea operations.
"On the other hand, Brexit will have European growth impacts on the macro-economic front and that could cause damage," Pouyanne said.
"There is an element of more uncertainty, instability, in a world which is already facing up to a range of geopolitical difficulties, with Daesh (Islamic State), Ukraine, a swathe of financial crises and now Brexit."
US ratings agency SP Global Ratings cut its rating for the EU by one notch last Thursday citing the uncertainty created by the Brexit vote.
"The only message I would like to transmit is we have to act fast," said Pouyanne or risk allowing uncertainty to "destroy confidence" in the whole bloc.
- Time to make decisions -
Politicians indicated they understand that message and its urgency.
"The first thing to do is lift the uncertainty as soon as possible so that economic actors are able to take decisions quickly, including decisions pertaining to investment and development," French Minister of Finance Michel Sapin said Friday.
"Today," Sapin added, I feel economic actors are demanding political decisions -- perhaps a revamping of politics?"
Paris is looking to use Brexit as a chance to bolster the attractiveness of France and Prime Minister Manuel Valls gave an interview to Saturday's Le Parisien in which he set out France's stall to that end.
"We are working on means of reinforcing our attractiveness. I am thinking notably of tax policy or the status of expatriates. So I say to large international companies -- Welcome to Paris ! Come and invest in France," said Valls.
"We are the number one financial market place in the eurozone in terms of direct and indirect employment with 1.2 million jobs," Muriel Penicaud, director general of Business France, a public body tasked with showing off France's plus points to the business world, told AFP.
The group has just published a paper highlighting reasons to do business in Paris, insisting the capital offers "a robust stock market regulatory and financial system.
AFP
Sat Jul 02 2016
Britain has not yet begun the process of disengaging itself from the European Union, with arguments raging after the country was split 52 percent to 48 percent in the referendum.
Is climate change making tropical storms more frequent? Scientists say it's unclear
Scientists say it remains unclear how much climate change is reshaping the storm season.
Samples obtained by Chinese spacecraft show moon's ancient volcanism
The material provides new insight into the moon's geological history including the oldest evidence to date of lunar volcanism.
The scamdemic targeting the young and vulnerable
Teenagers and young adults are becoming prime targets for a new wave of cyber scams, a trend raising alarm bells across Southeast Asia.
Japanese manicurist takes on plastic pollution, one nail at a time
Before global leaders address plastic pollution, a Japanese manicurist highlights the issue by incorporating it into her nail designs.
What to watch for ahead of US presidential inauguration
Here's a timeline of events between now and inauguration day.
The battle to reduce road deaths
In Malaysia, over half a million road accidents have been recorded so far this year.
Pro-Palestinian NGOs seek court order to stop Dutch arms exports to Israel
The Dutch state, as a signatory to the 1948 Genocide Convention, has a duty to take all reasonable measures at its disposal to prevent genocide.
How quickly can Trump's Musk-led efficiency panel slash US regulations?
Moves by Trump and his appointees to eliminate existing rules will be met with legal challenges, as many progressive groups and Democratic officials have made clear.
2TM: Consultations on PTPTN loans, admission to IPTA at MOHE booth
Consultations on PTPTN loans and admission to IPTA are among services provided at the Higher Education Ministry booth.
Kampung Tanjung Kala residents affected by flooded bridge every time it rains heavily
Almost 200 residents from 60 homes in Kampung Tanjung Kala have ended up stuck when their 200-metre (m) long concrete bridge flooded.
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.